Special Assessment Administration
Zions Public Finance, Inc. has been providing exceptional Special Assessment Administration services to our clients for over 12 years. As financial advisors, we have deemed it part of our responsibility to assist in the establishment of processes and systems to handle these functions after the bonds have been sold and closed. Our services include ensuring balanced assessment allocation, assessment reconciliation and review, billing, payoff calculations, assessment ordinance compliance and amendments, lien releases, foreclosure, and annual reports.

Special assessment services are offered by Zions Public Finance, Inc. A representative sample of our projects over the past ten years follows below:
    • Red Ledges Assessment Area – Wasatch County
    • Project

    • The Red Ledges Assessment Area was designated in 2008. The original bonds were issued in 2010 with a par amount of $24,670,000, an interest rate of 10% and a 20-year term to finance water and sewer improvements. The bonds were refinanced in 2015 with interest rates of 6.25% and 6.55%. The development has a total of 1,210 equivalent residential units with each lot having a value of 1 ERU. The owner on record is responsible for the annual assessment payments. The assessment may be paid off at any time without a penalty.

    • Summit Mountain Assessment Area – Weber County
    • Project

    • The Summit Mountain Assessment Area was designated in 2013. Bond proceeds of $17,670,000 (true interest cost of 4.939%, 20-year term) were used to finance road, water and sewer improvements. The development has a total of 1,000 ERUs. ERU allocation per lot varies based on the size of the lot. The owner on record is responsible for the annual assessment payments (with some exceptions where the annual assessment is paid by the developer). The assessment may be paid off at any time without a penalty.

    • Herriman Towne Center Assessment Area
    • Project

    • The Herriman Towne Center Assessment Area was originally designated in 2010. The proceeds of the bonds were used to finance the acquisition, construction and installation of roads, culinary and secondary water improvements, sewer and storm drain improvements, parks and trails and other miscellaneous work. The bonds were refunded in 2016 in the amount of $10,795,000 and a true interest cost of 2.386%. There are 98.35 developable acres in the assessment area. Assessments are calculated on a per acre basis. The annual assessment is paid by the developer. Prior to any transfer of property within the assessment area, the assessment must be paid in full unless the subsequent owner executes a consent to the application of non-judicial foreclosure remedy, in which case the assessment may remain outstanding and paid in annual installments.